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Subject personal Taxation

Your Company is considering improvements to its employees benefits starting in the next fiscal year. You are the accountant of the Company and you have been asked to provide the Committee established for the purpose of making recommendations to the Executives on the following benefit plans including the tax implications to the employees:-

1. Automobiles(10 marks)

2. Stock Option Plans(5 marks).

QUESTION #2(6MARKS)

Your brother Michael has just started working as an engineer with a starting salary of $75,000. He wants to start saving some of his earnings for his retirement. He is single and has heard that he can save in either a TFSA and/or an RRSP.

Give Michael four(4) bulleted points as to why he should invest in an RRSP and two bulleted points why he should invest in a TFSA.